--- title: "Jonhon Optronic's Q3 profit jumped 172% on AI data centers; nine-month cash flow is negative CNY 1.1 billion" description: "Jonhon Optronic's Q3 net profit jumped 172% on AI data-center demand for optical modules, copper cable and liquid cooling, its first growth quarter after four straight declines. The catch: nine-month operating cash flow was negative CNY 1.10 billion, down 81%." publisher: "The Inference" section: "Data Center" published: 2026-11-04T04:11:16.491Z modified: 2026-11-04T04:11:16.491Z canonical: https://theinference.org/article/jonhon-optronic-s-q3-profit-jumped-172-on-ai-data-centers-nine-month-cash-flow-is-negative-cny-1-1-billion language: en keywords: "Earnings, Optical Networking, Data Centers, China" --- # Jonhon Optronic's Q3 profit jumped 172% on AI data centers; nine-month cash flow is negative CNY 1.1 billion > Jonhon Optronic's Q3 net profit jumped 172% on AI data-center demand for optical modules, copper cable and liquid cooling, its first growth quarter after four straight declines. The catch: nine-month operating cash flow was negative CNY 1.10 billion, down 81%. [AVIC Jonhon Optronic](https://theinference.org/markets/companies/jonhon-optronic-technology), the Chinese defense connector maker listed in Shenzhen, just posted its first quarter of real profit growth after four straight declines, and the engine is not its military base but AI data centers. Third-quarter net profit rose 172% year on year to CNY 816 million, on [revenue up 47.87% to CNY 6.88 billion](https://www.gmt8press.com/content/detail/445524) [1][2]. The stock jumped 7% on the print [3]. The turnaround is stark against the recent record: full-year 2025 profit fell 36%, the first quarter of 2026 fell 38%, and the first half fell 22% [4]. For the nine months, revenue was CNY 18.12 billion, up 14.42%, with attributable profit of CNY 1.94 billion, up 11.42% [1][4]. The gap between a weak nine-month line and an explosive third quarter is the story: the inflection landed in Q3, and per [Soochow Securities' November 3 review](https://data.eastmoney.com/report/info/AP202611031831339750.html) it came from AI compute infrastructure [5]. Demand for high-speed optical modules was pronounced, subsidiary Xiangtong Guangke's optical communications business doubled, and liquid-cooling orders doubled. High-speed copper cable assemblies and CPO full-optical interconnect solutions are in volume use at top-tier customers, with some orders scheduled into 2027 [5]. *Chart: **Jonhon's net profit growth swung from -38% in Q1 to +172% in Q3** Bars showing year-on-year net profit growth for FY2025 (-36%), Q1 2026 (-38%) and Q3 2026 (+172%) for AVIC Jonhon Optronic, with the Q3 bar highlighted.* *Year-on-year net profit growth. Jonhon's 2025 decline followed four quarters of falling profit; the Q3 2026 swing comes on AI data-center demand. Sources: MarketScreener headline archive; Soochow Securities via Eastmoney. [4][5]* ## The AI buildout is a bill of materials, and Jonhon sells the interconnect Every AI data center built needs a bill of materials, and interconnect is the part Jonhon actually makes. The company now sells power products, optical transmission components, high-speed cabling and cooling into that bill, and it bought Chengdu RF-interconnect firm Chuanmei New Technology to round out the portfolio [5]. Defense is still the core, with unmanned systems, undersea, military trade and satellite-launch businesses growing [5], but the growth engine has visibly changed. ## Negative CNY 1.1 billion of operating cash flow The catch is cash. Nine-month operating cash flow was negative CNY 1.10 billion, down 81% [5], so the profit inflection is being financed by working capital: Jonhon is shipping into AI buildout faster than customers are paying. The share price reflects conviction; the cash collection question is unanswered. Soochow keeps Buy and forecasts 2026-28 net profit of CNY 2.57 billion, 3.06 billion and 3.58 billion, roughly 28, 23 and 20 times earnings [5]; the [four-analyst consensus target is CNY 47.27](https://hk.marketscreener.com/news/jonhon-optronic-posts-higher-q3-attributable-profit-revenue-up-shares-rise-7-ce785cd3dd8cf72d) against a latest price of CNY 33.95 [6][7]. For investors in the interconnect-for-AI theme, a Chinese rival now has a scaling AI-connector profile alongside the Western names. The number to watch next is not profit growth. It is whether operating cash flow turns before the order book does. *Chart: **Soochow sees Jonhon's profit growing about 18% a year through 2028** Column chart of Soochow Securities' forecast net profit for Jonhon Optronic: CNY 2.57 billion in 2026, CNY 3.06 billion in 2027 and CNY 3.58 billion in 2028.* *Soochow Securities' forecasts for Jonhon's net profit, with the implied price-to-earnings multiples of about 28, 23 and 20 times. Source: Soochow Securities (Wang Hejia, Xu Mu) via Eastmoney. [5]* ## Takeaway Jonhon Optronic's first growth quarter in five is real but not yet paid for: Q3 profit jumped 172% on AI interconnect demand while nine-month operating cash flow ran negative CNY 1.1 billion, so whether cash collection turns before the order book does decides the story. ## Sources 1. [GMT Eight, AVICHINA (02357): Jonhon Optronic Technology 9M 2026 results, 28 October 2026](https://www.gmt8press.com/content/detail/445524) 2. [Reuters via TradingView, Jonhon Optronic Tech Q3 Net Profit Up 172.1% Y/Y, 29 October 2026](https://www.tradingview.com/news/reuters.com,2026:newsml_L3N46E18Y:0-jonhon-optronic-tech-q3-net-profit-up-172-1-y-y/) 3. [MT Newswires via MarketScreener Hong Kong, Jonhon Optronic Posts Higher Q3 Attributable Profit; Revenue Up; Shares Rise 7%, 29 October 2026](https://hk.marketscreener.com/news/jonhon-optronic-posts-higher-q3-attributable-profit-revenue-up-shares-rise-7-ce785cd3dd8cf72d) 4. [MarketScreener Hong Kong headline archive, MT Newswires and Reuters headlines on Jonhon Optronic results, 2025-2026](https://hk.marketscreener.com/news/jonhon-optronic-posts-higher-q3-attributable-profit-revenue-up-shares-rise-7-ce785cd3dd8cf72d) 5. [Soochow Securities (Wang Hejia, Xu Mu), 2026 Q3 report review: computing product matrix keeps improving, via Eastmoney, 3 November 2026](https://data.eastmoney.com/report/info/AP202611031831339750.html) 6. [Eastmoney quote page, AVIC Jonhon Optronic (002179), latest price and market data, 3 November 2026 close](https://quote.eastmoney.com/sz002179.html) 7. [MarketScreener Hong Kong consensus, mean target CNY 47.27, four analysts, 29 October 2026](https://hk.marketscreener.com/news/jonhon-optronic-posts-higher-q3-attributable-profit-revenue-up-shares-rise-7-ce785cd3dd8cf72d) --- Jonhon Optronic's Q3 profit jumped 172% on AI data centers; nine-month cash flow is negative CNY 1.1 billion — The Inference. Canonical: https://theinference.org/article/jonhon-optronic-s-q3-profit-jumped-172-on-ai-data-centers-nine-month-cash-flow-is-negative-cny-1-1-billion